© Sebastian Voortman
The report was commissioned by the Newfoundland Aquaculture Industry Association (NAIA) and Mining NL. It examines the economic landscape of the province’s south coast, where a proposed National Marine Conservation Area (NMCA) threatens to impact the sectors that support these rural coastal communities through employment, capital investment and economic spin-off.
“This report supports with facts what we already know to be true: aquaculture is an economic cornerstone of the south coast,” said NAIA executive director, Keith Sullivan, in a press release. “It was important to our members to have a third-party analysis to support our position that an NMCA would be detrimental to so many who live and work in the communities along the south coast.”
Key findings on economic impact
The Council’s snapshot presents the following economic data:
- The broader aquaculture industry supported over 2,000 jobs and contributed $282 million to provincial GDP in 2024, including spin-offs.
- In 2022, the farmed salmon sector alone supported an estimated 1,095 person-years of employment and contributing $111 million in GDP.
- Companies collectively harvested over 32,000 tonnes of production, generating a total landed value of over $400 million in the province in 2024.
Fred Bergman, senior policy analyst with the Atlantic Economic Council commented, “Aquaculture is a vital pillar of the south coast economy, supporting production, investment and development locally as well as export growth. Implementation of the proposed NMCA risks significant job losses and potential community relocation, which could reduce government revenues and increase reliance on public support programmes.”
Industry investments and growth
Major aquaculture operators invested about $124 million in Newfoundland and Labrador in 2024 through their supply chains, supporting other businesses and service providers. These investments helped upgrade infrastructure, strengthen local supplier networks, stimulate regional economies, supported about 781 jobs in the region in the broader aquaculture sector (with about 76 percent of these jobs on the South Coast).
“Strategic and financial investments in the responsible and sustainable growth of our province’s aquaculture sector directly supports a resilient provincial economic landscape. Aquaculture brings real and measurable benefits to families, businesses, rural communities, and our province’s economy,” said Sullivan.
NAIA’s Save South Coast Jobs campaign has been supported by many business, community and municipal leaders from along the south coast who have witnessed the impactful role aquaculture plays in the economy of the region.
PC Leader and Premier Tony Wakeham recently highlighted the contributions and potential of aquaculture in his clear stance against the proposed South Fjords National Marine Conservation Area, and in his commitment to create a dedicated ministry for fisheries and aquaculture. NAIA believes the provincial government’s clear direction will further encourage aquaculture research, innovation and investment.
The snapshot data aligns with the findings in The Council’s recently released Unlocking Atlantic Canada’s Potential for Prosperity report, which also presents evidence of aquaculture’s role in the revitalization and sustainability of rural, coastal communities in Newfoundland and across the region.
Newfoundland and Labrador Aquaculture Highlights:
- Aquaculture production grew from just over 5,600 tonnes in 2004 to nearly 26,200 tonnes in 2024 – and increase of about 365 percent.
- Total value of production rose from $22 million in 2004 to $281 million in 2024.
- New and ongoing investments further signal the sector’s continued growth.
- Leading industry firms continue to make large contributions to total aquaculture production in the region – including Cooke Aquaculture, Grieg Seafood Newfoundland, Mowi Canada East and Ocean Trout Canada.
